Insurance valuation for household goods; replacement or not? Anyone?

Dear Gang,

I am having my things sent over from the US and they are all rather high value in terms of replacement costs, e.g. a sterling silver service from my grandparents valued at $9500 which is what I could expect to pay for the same make/pattern  should the original be lost.

The premium is sky-rocketing and many of these items, whilst physically replaceable (china, crystal, silver) are irreplaceable in terms of sentimental value.

What are our thoughts on valuing the items for import?
Should I place a replacement value or just a minimum value to limit the duty I may be liable for?

Also as the replacement value increases, is that what the customs/duty/tax will be based on?


NB: I may well be liable for tax/duty as I am importing the items after the one year limit.

Many thanks in advance,

MCA

I wish I had an answer for you but I'm just now getting things boxed up to move myself.  I have a question for you though if you don't mind.  I'm just beginning to think (I know late, late, late.) about duties on my items I'm shipping over.  You mentioned a limit on time regarding duties.  Where did you find that info so that I can familiarize myself with it?  I don't know what to expect and assumed that I would have to pay duties on what I shipped over for my move.  Any information will be appreciated.  Thanks!

Snowdonia

Dear Snowdownia,

Well, my things arrived here in the UK last week, nearly 6 years after I left the US and, thankfully, I did not have to pay any tax or duty. Generally speaking, one has 12 months during which one may import personal goods into the UK (nothing newly purchased for the purpose).

There are forms that must be completed and affixed to your crates and in some cases, like mine, when one is requesting tax relief, one can submit a personal statement explaining why you have taken so long. In my case, it worked.


Here is a link to the HMRC guide:

http://www.hmrc.gov.uk/customs/arriving/moving.htm

Unfortunately, the HMRC guides generate more questions than you started with, just keep looking because individual tax rates depend on a variety of factors; are they antique (over 100 years old), art works, inherited within a specific time &c. Your transport company should have good advice but do your own as well.

Good luck and be prepared for cold weather!

Thank you so much for the link!  I think I'll probably just be shipping individual boxes via fedex or ups because I don't think I'll have enough for even a shared container.  Hopefully the Fedex or UPS folks will have all the paperwork I need.  I'll ask early in the process just in case.

Thanks!
Snowdonia